Topic: Industry Knowledge | Market Commentary
The Federal Reserve Governors have been waiting patiently for a meaningful jump in inflation to validate the removal of historically low interest rates that laid the foundation for the economic recovery since the financial crisis. And . . . while The Fed continues to wait . . .
Read nowTopic: Equities | Industry Knowledge | Investment Strategy | Market Commentary | Risk Management
At Commonfund, we aim to build multi-manager, active risk equity portfolios with a clear objective of consistent outperformance versus passive policy benchmarks. Our approach is to take intentional and measured “risk away from the benchmark” by allocating to a variety of managers who employ active risk strategies...
Read nowTopic: Industry Knowledge | Market Commentary
Ultimately, the decision to increase rates was unanimous as the vote was 8-0. Federal Reserve officials raised interest rates for the second time this year and upgraded their forecast to four total increases in 2018, as unemployment fell and inflation exceeded their targets faster than previously projected.
Read nowTopic: Industry Knowledge | Investment Strategy | Market Commentary
Well, the party may finally be over. Like the college dean who shuts down the campus party, the Fed has finally taken away the interest rate punch bowl that investors have enjoyed for so long. It may be hard to believe, but we have been in a secular interest rate decline for over thirty years...
Read nowTopic: Asset Allocation | Industry Knowledge | Investment Strategy | Market Commentary | Real Assets
In March, capital markets entered their tenth year of post-crisis recovery. For diversified portfolios, these have been some of the most profitable times, characterized by strong returns, positive correlations between equities and bonds and robust illiquidity premiums from private programs . . .
Read nowTopic: Market Commentary
Volatility returned in force the in first quarter of 2018 and both stock and bonds posted negative returns, making for a challenging quarter for investors. The resurgence in market volatility had many investors turning the calendar on March 31st with trepidation...
Read nowTopic: Asset Allocation | Industry Knowledge | Investment Strategy | Market Commentary
In this Commonfund Forum 2018 general session, featured speaker Ian Bremmer shares his insights and views to help us understand the broader global issues we need to consider as we formulate policy portfolios for the years ahead.
Read nowTopic: Industry Knowledge | Market Commentary
The trade wars began with the United States and China but have now expanded to Japan as well. With Russia, the U.S., and the U.K. all looking inwardly, emerging market nations need another superpower to turn to for foreign direct investment, infrastructure, and other economic support.
Read nowTopic: Industry Knowledge | Investment Strategy | Market Commentary | Private Capital
After a turbulent period, emerging markets have delivered double-digit returns in recent years. Private investments in emerging markets offer a way to diversify beyond the public markets and, in general, have also been a source of strong returns...
Read nowTopic: Industry Knowledge | Investment Strategy | Market Commentary
Commonfund recently hosted its 20th annual Commonfund Forum in Orlando, Florida. The event brought together 400 institutional investors from the U.S., Puerto Rico, the Virgin Islands, Canada, Chile and the United Kingdom in a 2.5 day conference. Sessions explored cyclical and tactical investment trends and, importantly, strategies to help institutions support their missions. More than 60 experts from investment firms, academia, public policy and think tanks convened in general sessions, major addresses and breakout sessions. Here are 10 key takeaways from Commonfund Forum 2018.
Read nowTopic: Asset Allocation | Equities | Industry Knowledge | Investment Strategy | Market Commentary
In this keynote presentation from Commonfund Forum 2018, CEO Catherine Keating shares insights into the investment philosophy and practices that may enable institutions to build resiliency into their portfolios.
Read nowTopic: Industry Knowledge | Market Commentary
An increase in the Fed Funds rate at the March FOMC meeting was a forgone conclusion. The biggest unknown was whether the new chairman of the Federal Reserve, Jay Powell, would continue the cautious approach of his predecessor, Janet Yellen, or choose a slightly more aggressive stance in removing the accommodative policies of the last ten years.
Read nowTopic: Market Commentary
Equities bounce back as volatility normalizes and earnings support corporate valuations. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Equities | Industry Knowledge | Market Commentary
Investors took solace in the lack of stock market volatility in 2017. In reality, that may have been more of an anomaly than the current turbulence equity investors are experiencing. Volatility spikes in the capital markets are not unusual.
Read nowTopic: Market Commentary
Resurgence of market volatility rattles investors despite solid domestic economic fundamentals. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Sell-off in U.S. Treasuries and inflation concerns from higher wages push equities lower despite positive news on the earnings front. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Another Week of Equity Market Gains as 4th Quarter Earnings and Economic Data Reinforce Investor Confidence. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Strong corporate earnings keep investors in risk on mode despite the temporary government shutdown. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Early corporate earnings point to better than expected results for 4th Quarter 2017. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
The U.S. economy, in line with our long term view, has clearly moved into a stronger growth mode as the domestic economy expanded at around a three percent pace in the final nine months of 2017. The short-term stimulus from the tax cut package is likely to produce continued solid growth in 2018.
Read nowTopic: Market Commentary
Equities keep momentum in the New Year and employment delivers, but inflation may loom. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Last week was a quiet end to a strong year for the equity market. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
FOMC delivers as expected with a rate hike in final meeting of 2017. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Temporary spending bill and another steady employment reading push equities higher at week’s end. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Passage of tax cuts and better economic data propel S&P 500 to new highs. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Equities – led by Small Caps – rise to new highs; but for this week all eyes turn to Washington. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Small Caps rebound as tax plan gets House of Representatives approval. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Markets set to endure another week of political wrangling over tax bill. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Economic data and earnings indicate Powell likely to keep FOMC on current track. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
The U.S. economy has moved into a stronger growth mode. Even with the negative impact from hurricanes, real GDP growth expanded at a 3.0 percent pace in 2017:Q3, after a 3.1 percent advance in 2017:Q2. This represented the first time since 2014 that the economy registered back-to-back quarterly gains of three percent or more.
Read nowTopic: Market Commentary
Washington Politics, Fed Candidates and Jobs Report Create a Busy News Week for Markets. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Optimism on Fiscal Policy and Solid Corporate Earnings Boost Equities to New Highs. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Recent economic releases indicate economy on the mend after hurricanes. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Underlying details of employment report supports more action by FOMC. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Markets remain risk on despite economic distortions from hurricanes. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Fed formalizes balance sheet drawdown and plans for more rate hikes. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Equities | Market Commentary
The Euro area economy seems to be on solid footing and the European Central Bank (ECB) has taken notice. European companies are finally showing meaningful improvements in corporate earnings, although the strengthening Euro could put pressure on some entities. One new twist - European officials are beginning to recognize that the stronger Euro may present a challenge to the economic and earnings ...
Read nowTopic: Market Commentary
Investor optimism pushes the S&P 500 past 2500. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Over the near-term, the one-two punch from Hurricanes Harvey and Irma will weaken many of the economic statistics that will be released . . .
Read nowTopic: Market Commentary
Volatile weather may lead to volatile economic data in the near term. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Active hurricane season adds to Washington’s challenges. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Non-U.S. markets starting to show strength aided by economic data and earnings. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Political Headlines Fuel Indigestion in the Capital Markets. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Earnings on pace to have double-digit gains for the first time since 2011. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
For the last several months, the turnaround in corporate earnings has provided support and stability to the stock market. If this strength is maintained, it would be the first time since 2011 that the S&P 500 Index posts double-digit yearly gains in earnings for two consecutive quarters. Although the prospects for near term earnings growth are positive, support for improved profit margins is decelerating.
Read nowTopic: Market Commentary
Topline growth, cost controls and a weaker greenback creating better corporate earnings. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Plenty for the markets to absorb this week with earnings, GDP and FOMC. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
With Trump agenda stalled investors turn focus to corporate earnings. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Investment Strategy | Market Commentary
We do not look for a repeat of the “home run” 18 to 20+ percentage point relative outperformance from stocks versus bonds (which was registered in three of the last five fiscal years) in the upcoming fiscal year. And, unlike Aaron Judge at MLBs Home-Run Derby, investors should aim for singles and doubles going forward as we expect a lower return environment.
Read nowTopic: Market Commentary
Sovereign yields move higher globally as accommodation starts to recede. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Equities close the books on an impressive fiscal year. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
The tide seems to be turning for global central bank policies. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Even with the headline risk late week equity volatility likely flow driven. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Weather and seasonal distortions in employment data unlikely to derail the economy or the Fed. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
FOMC’s confidence in the domestic economy puts a June rate hike in play. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Industry Knowledge | Investment Strategy | Market Commentary
The latest FOMC minutes show that the Fed believes that the growth and inflation slowdown in 2017:Q1 will prove to be transitory...
Read nowTopic: Market Commentary
Political turmoil leads to a bout of global equity volatility. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Despite big box earnings pinch overall earnings still look strong. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Earnings and employment data propel S&P 500 to all-time highs. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
A president’s first 100 days in office is often viewed as a barometer for success of a new administration. Despite Trump’s touting that his fiscal policy plan will be the “biggest tax cut in history,” the proposal is merely a framework for starting tax negotiations. Nonetheless, an agreement over the weekend among Congressional leaders on a short-term spending bill offers hope that Washington officials could formulate a “watered down” long-term budget deal late this year.
Read nowTopic: Market Commentary
Equity markets back at highs on stronger corporate earnings. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Markets react positively as political crisis avoided in France. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Geopolitical issues roil the capital markets during the holiday shortened week. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Balance sheet warnings from the Fed and weather-distorted employment data confuse markets. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Equity investors are rewarded in the 1st Quarter of 2017 despite policy fights in Washington. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Industry Knowledge | Investment Strategy | Market Commentary
Commonfund recently hosted its 19th annual Commonfund Forum in San Antonio Texas. The event brought together about 450 institutional investors from the U.S, Puerto Rico and Canada to engage in a 3-day conference to explore cyclical trends and tactical opportunities that can help support the missions of their institutions. More than 60 experts in academia, public policy and government convened in General Sessions, Major Addresses and Breakout sessions. Here are 10 key takeaways from Commonfund Forum 2017.
Read nowTopic: Industry Knowledge | Investment Strategy | Market Commentary
As long-term investors, nonprofit institutions have the distinct advantage of having the longest time horizon of any investors – often perpetuity. This affords an opportunity to consider investments based on secular trends that may take years to play out but can also prove to be very profitable. Recently at Commonfund Forum 2017, a panel convened to discuss their expert insights into some of the most compelling long-term trends...
Read nowTopic: Market Commentary
Failure of healthcare reform creates turbulence in the equity markets. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Over the last several decades investors have become accustomed to the FOMC providing support in times of volatility. Chair Yellen hasn’t really had the opportunity nor the need to implement aggressive monetary policy. Quite the opposite, she has been focused on unwinding emergency accommodations and beginning to normalize rates as the domestic economy has returned to more sound footing, with both employment and inflation within striking distance of the Fed’s long-run targets.
Read nowTopic: Market Commentary
FOMC increases the Fed funds rate and affirms economy is on solid footing. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
FOMC, Fiscal Policy Issues and Dutch Elections Keep Investors on Alert This Week. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Any doubts about FOMC intentions removed by Fed speakers this week. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Equities are in striking distance of target so may be time to reassess exposure. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Solid economic data and earnings boost stocks to new highs, even as Yellen builds the case for more normalization. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Equities | Fixed Income | Market Commentary
The question we are often asked is…when should investors begin to take chips off the table? The S&P 500 Index has delivered a 16+ percentage point relative gain compared to the Bloomberg Barclays Aggregate Bond Index since the start of this fiscal year. Near term, we may see a return to a choppy market where stocks still best bonds but with a smaller differential.
Read nowTopic: Market Commentary
Solid earnings and optimism about tax changes push equities to new highs. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Equity rally after employment report leaves S&P 500 unchanged for the week. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Equity markets reach new highs this week despite small miss on 4th Quarter Real GDP. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Focus is on Real GDP and Earnings to Get a Better Picture of 4Q2016 Growth. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Domestic economic data remains solid but fears of trade war keep markets cautious. Listen to Commonfund's Chief Economist, Michael Strauss, weekly economic and market podcast.
Read nowTopic: Market Commentary
Notwithstanding the slower than expected normalization of U.S. monetary policy, the United States economy is in the best shape as compared to other developed and emerging markets as we enter 2017.
Read nowTopic: Market Commentary
Equities Shake Off Year End Flows to Reach New Highs in 2017. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Closing the Books on 2016 and Looking Ahead to 2017. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Governance and Policy | Investment Strategy | Market Commentary
A combination of better economic growth, including stronger labor conditions and signs of a bottoming in inflation, provided the Fed with an opportunity to restart the normalization process by raising short rates 25 basis points at the mid-December FOMC meeting in what “Fed-watchers” from decades ago might term “taking away the punchbowl just when the party is warming up”. . .
Read nowTopic: Market Commentary
FOMC Restarts Normalization Process on Signs of Better Economic Activity. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
10-year U.S. Treasuries Reach Highest Yield in 2+ years Ahead of FOMC. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Solid Economic Data Puts Focus on the FOMC Next Week. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Investors Continue to Rotate Portfolios Given New Political Climate. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Equity Indices and Treasury Yields Continue Their Post-Election Rise. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Americans voted for change last week and, in similar fashion to the financial market response to Brexit in late June, the initial response from the financial markets quickly proved to be wrong.
Read nowTopic: Market Commentary
Election Result Changes the Playbook For Investors. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Governance and Policy | Investment Strategy | Market Commentary
Commonfund is a firm that marries mission and markets in a unique way. And so today we assess the implications of last night's Presidential election on our clients' nonprofit missions as well as on the markets that we invest in together. There were many headlines about markets today, but few about mission. Yet we think that this is an important moment for mission-based organizations.
Read nowTopic: Market Commentary
Election Jitters Fuel Opportunity This Week. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Economic Data Supportive but Markets Have Election Jitters. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
The domestic stock market has staged a token improvement since the mid-month start of the earnings cycle as generally favorable earnings news has offset a good portion of the pre-election fears. If the elections unfold as the polls currently suggest, a modest relief rally could occur, as a portion of this idle cash is likely to be reinvested into the capital markets.
Read nowTopic: Market Commentary
Positive Week in S&P 500 as Earnings Trump Elections. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
S&P 500 Down for the Week on Concerns About Corporate Earnings and China. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
Earnings Season Starts Tonight with Domestic Corporations Relatively Stronger. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
Read nowTopic: Market Commentary
The third quarter earnings season is set to begin next week. S&P 500 companies are now anticipated by equity analysts to report yet another quarterly drop in year-over-year earnings. For more than a year, many strategists have been touting that stocks have to decline given the challenges with corporate earnings.
Read nowTopic: Market Commentary
OPEC and European Banks Controlled Headlines but S&P 500 was Unchanged. Listen to Commonfund's Chief Economist, Michael Strauss, as he provides his weekly economic overview.
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